Beyond Numbers

Ca Social Networking Group Hosts Baseball Barbecue

Our CA group also enjoyed the evening's various encercainmenc breaks, induding ehe 4th inning "Sushi Race," featuring che Vancouver Canadians' sushi mascots, "Chef Wasabi," "Ms. BC Roll," and "Mr. Kappa Maki. (For the record. Chef Wasabi gave up an early lead after becoming distracted by wildly cheering fans and being overtaken by Ms. BC Roll, che ultimate victor.)

Pd News

Nov 19, 9am-5pm, Vancouver

Don't Abdicate Your Professional Judgment

The PCEC told [Carol] that repaying the $40,000 loan to the bank was not equivalent to repaying the minority shareholder. Carol explained that [Dave] had devised this pían, and said she'd merely accepted and carried out his advice.

Executive Tour Addresses Key Pressures On Bc and the Profession

The comment deadline for che Exposure Draft on private enterprise GAAP has closed. The Accounting Standards Board (AcSB) received over 1 70 responses, and AcSB staff members also received feedback at stakeholder consultations across the country. Ac the cime of this writing (mid-September 2009), the AcSB is in the process of reviewing the comments received, with che objective of issuing the standards in early 2010. We will continue to provide updates as we learn more.

How Is Bc Faring in a Troubled Economy?

BCs economy created 48,000 new jobs in 2008, an increase of 2.1%, which was well above the national job growth rate of 1.5%, and Ontario's increase of 1 .4%. However, this was down from the 60,000 - 70,000 new jobs created over the last three years. By comparison, Alberta's job creation was up by 2.8% in 2008, following its huge 80,000+ job creation pace in 2006 and 2007. Between 2003 and 2008, almosc 300,000 jobs have been creared in BC, signifying a cotal employment growch rare of 14.9%.

Announcements

James Topham, CA, has been named to the board of directors and the audit committee of Day4 Energy Inc., a manufacturer of solar electric modules. Topham recently retired from a successful 30-year career with KPMG LLP, which included 20 years as an audit partner in the technology companies and computer audit practices.

Thoughts On the Economy

The BC Check-Up is a central pillar of the Institute's public affairs program, providing CAs across the province with an opportunity to offer commentary on the economy. This year, we're reshaping the process a bit. Hard copies of the BC Check-Up will no longer be produced, but, as in previous years, members will be able to access and download the report from the Institute's website at www.bccheckup.com.

Crystallizing the Capital Gains Exemption in the Context of Business Succession

If Opeo were to generate after-tax funds of $250,000, it could pay tax-free, inter-corporate dividends to Holdco, and Holdco could then repay the $250,000 to the Successor without any further tax consequences. However, the Successor would still need to come up with after-tax funds of $750,000 to repay the Owner. In this case. Opeo would have to earn a pre-tax income of $1,288,500 so that an after-tax income of $1,1 14,600s could be paid ro rhe Successor as ineligible dividends through Holdco.